Apax Partners readies IPO for Permanent Capital Vehicle in London

(Adds own sourcing)

By Greg Roumeliotis

April 9 (Reuters) - European private-equity firm Apax Partners (Other OTC: PGPHF - news) is readying an initial public offering for Permanent Capital Vehicle, the biggest investor in Apax's funds, in London to raise money that it can use to seed more funds, according to a source familiar with the matter.

Apax Partners has hired Credit Suisse Group AG and Jefferies Group LLC to manage the IPO, the source said.

Bloomberg, which first reported the story, said shareholders and other executives of Permanent Capital Vehicle would be prevented from selling their stakes through a lock-up.

Apax Partners declined to comment on the story.

Credit Suisse (LSE: 0QP5.L - news) and Jefferies could not be reached for comment outside regular business hours. (Reporting by Ankush Sharma in Bangalore; editing by Meredith Mazzilli)